Pirelli emissions control JV dissolved
The joint venture agreement Pirelli subsidiary Pirelli & C. Ambiente SpA signed with Clean Diesel Technologies, Inc. (CDTi) in February has been dissolved. Eco Emission Enterprise Srl (E-Cube) was established to market and sell emissions control products for both petrol and diesel applications in Europe and the CIS countries, however the operation hasn’t performed according to expectations.
“The decision by Pirelli and CDTi to dissolve the joint venture was driven by the slower than anticipated progress in achieving the sales objectives that were initially established,” stated Craig Breese, president and chief executive officer of CDTi. “In addition, we recently undertook a review of our business investments and activities and made the decision to focus resources outside of the joint venture.
“I would like to express my appreciation for the efforts put forth by the CDTi, Pirelli and E-Cube teams,” Breese continued. “The spirit and objectives for the joint venture have been extremely professional, well-intentioned and accompanied by an enormous amount of both hard work and goodwill. Pirelli is a valued supplier to CDTi and we look forward to our continued relationship.”
The dissolution of E-Cube is expected to be completed as soon as practicable and CDTi says it plans to resume its operations in Europe in a similar manner as conducted prior to the joint venture.